Futures for Canada’s main stock index dropped on Tuesday as lower gold prices weighed on the commodity-laden index, while investors maintained a cautious stance ahead of inflation and retail sales data for cues on monetary policy tightening.
The TSX continued its slide, docking 91.18 points to conclude Friday at 20,515.24, for a loss on the week of 98 points, or 0.48%.
March futures on the S&P/TSX index slid 0.4% Tuesday morning.
The Canadian dollar dipped 0.04 cents to 74.29 cents U.S.
In company news, Teck Resources said it will change its name to Teck Metals Corp and also spin off its steelmaking coal unit as Elk Valley Resources Ltd, while the miner also missed its fourth-quarter profit estimate.
OceanaGold beat fourth-quarter profit and revenue expectations.
Shaw Communications’ lawyers are expected to pocket $100 million-plus fee in the long-delayed takeover from Rogers Communications.
Markets on both sides of the border were closed Monday, those in Canada for Family Day, in the States for Presidents Day.
On the economic slate, Statistics Canada said retail trade hiked 0.5% to $62.1 billion in December. Sales increased in seven of 11 subsectors and were led by higher sales at motor vehicle and parts dealers (+3.8%) and general merchandise stores (+1.7%).
The agency also said its consumer price index rose 5.9% on a year-over-year basis in January, following a 6.3% increase in December. On a seasonally adjusted monthly basis, the CPI rose 0.3% in January.
ON BAYSTREET
The TSX Venture Exchange squeezed ahead 0.56 points Friday to 627.78. and gained over the last few sessions, 14 points, or 2.3%.
ON WALLSTREET
U.S. stock futures fell Tuesday as higher rates continue to pressure market sentiment.
Futures for the Dow Jones Industrials dwindled 277 points, or 0.8%, early Tuesday to 33,589.
Futures for the S&P 500 sank 30 points, or 0.7%, to 4,057.50.
Futures for the NASDAQ Composite fell 118.5 points, or 0.6%, to 12,271.50.
Home Depot shares fell 3.8% in the premarket after the home improvement retailer posted weaker-than-expected revenue for the fourth quarter. The company also issued a muted outlook. Walmart, another Dow component, also fell more than 2% after posting its latest quarterly results.
Walmart shares dipped 2.5% even after the retail giant posted better-than-expected results for the previous quarter.
The company earned $1.71 per share on revenue of $164.05 billion in its fiscal fourth quarter. Analysts expected earnings per share of $1.51 on revenue of $159.72 billion.
The Fed on Wednesday is scheduled to release the minutes from its meeting of Jan. 31 and Feb. 1. The central bank hiked rates by 25 basis points after that meeting.
In Japan, the Nikkei 225 index forfeited 0.2%, while in Hong Kong, the Hang Seng ditched 1.7%.
Oil prices leaped 43 cents to $76.77 U.S. a barrel.
Gold prices slumped $8.90 to $1,837.20 U.S. an ounce.